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Bears’ momentum increases in Cardano market
ADA Price Analysis – August 28
Should the buyers interrupt the sellers at $0.41 level, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.54, and $0.58 levels. When the sellers exert more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.36 levels
ADA/USD Market
Key Levels:
Resistance levels: $0.47, $0.54, $0.58
Support levels: $0.41, $0.38, $0.36
ADA/USD Long-term Trend: Bearish
On the daily chart, Cardano is bearish. Cardano was under the bulls’ pressure since July 18 when the bulls’ push the price to break up the resistance level of $0.47. The price rally to the high of $0.58 resistance level. The bullish pressure became weak and the price started decreases and returning to the previous low of $0.41 support level. The price is struggling to break down the just mentioned.
The price is trading below the dynamic support level of 9 periods EMA and 21 periods EMA at close distance indicating bearish momentum. Should the buyers interrupt the sellers at $0.41 level, the bulls’ pressure may increase the price to break up $0.47, the next resistance levels can be found at $0.54, and $0.58 levels. When the sellers exert more pressure, the daily candle may close below $0.41 level, Cardano may decrease to $0.38 and $0.36 levels. The technical indicator Relative Strength Index is at 39 levels with the signal line pointing downside which indicates a bearish signal.
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ADA/USD Medium-term Trend: Bearish, Buyers Prefer Tamadoge
Cardano is bearish on 4-hour chart. The Crypto was bearish last week when the price reached the resistance level of $0.58 level. The bullish pressure could not break up the just mentioned level. The price decline towards south and the support level of $0.41 was broken downside. The price is currently consolidating within the $0.47 and $0.41 levels.
The 9 periods EMA interlocked with the 21 periods EMA indicating that consolidation is ongoing. The relative strength index period 14 is pointing down at 42 levels.
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